June 26, 2008
New Flyer Industries Inc. (TSX:NFI.UN) (“New Flyer”
or the “Company”), the leading manufacturer of heavy-duty transit
vehicles in Canada and the United States, announced today that it has
received orders over the last three months for up to 1,234 buses (1,567
equivalent production units or “EUs”) for a combined value of over US
$706 million. Of these orders, 1,108 buses (1,406 EUs) are new orders
and 126 (161 EUs) are exercised options. When combined with orders
reported in a March press release, New Flyer has announced a total of
2,487 bus orders (3,116 EUs) valued at over US $1.3 billion in 2008.
These orders are for a variety of vehicle
configurations, including 35-, 40- and 60-foot buses with clean diesel,
electric trolley, hybrid, and compressed natural gas (CNG) and
liquefied natural gas (LNG) propulsion systems. These orders represent
virtually every propulsion system available on the market today.
Portland, OR has ordered 40 40-foot clean diesel buses with options for 160 additional buses.
TransLink in Vancouver, BC has ordered 24 60-foot electric trolley buses (48 EUs) and exercised options for 10 60-foot electric trolley buses (20 EUs).
Valley Metro in Phoenix, AZ
has ordered a total of up to 379 buses (firm and options), including
40’ and 60’ vehicles across diesel, CNG and LNG fuel types (385 EUs).
The Greater Cleveland Regional Transit Authority Board of Directors in Cleveland, OH has approved additional options for 20 60-foot hybrid buses (40 EUs).
Other new contracts and options total 593 buses (822 EUs).
New Flyer’s backlog as of the end of May 2008 was
8,233 EUs, which represents an increase of 19% in comparison to the
6,916 EUs in backlog at January 1, 2008. The value of the order backlog
as of the end of May 2008 of US $3.45 billion has increased by 23%
compared to the US $2.8 billion backlog at the start of 2008. The
portion of firm orders included in the backlog has increased to US $1.3
billion as of the end of May 2008 from US $1.2 billion at January 1,
NOTE: All dollar amounts are stated in US
currency based on an exchange rate of US $1.00 = Cdn $0.9882 to
calculate the value of the Canadian contracts in this release.
About New Flyer
New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada.
The Company’s three facilities -- in Winnipeg, MB, St. Cloud, MN and
Crookston, MN -- are all ISO 9001, ISO 14001 and OHSAS 18001 certified.
With a skilled workforce of approximately 2,300 employees, New Flyer is
a technology leader, offering the broadest product line in the
industry, including drive systems powered by clean diesel, LNG, CNG and
electric trolley as well as energy-efficient gasoline-electric and
diesel-electric hybrid vehicles. All products are supported with an
industry-leading, comprehensive parts and service network. New Flyer’s
Income Deposit Securities are traded on the Toronto Stock Exchange
under the symbol NFI.UN. Further information is available on Company’s
web site at www.newflyer.com.
This press release may contain forward-looking
statements relating to expected future events and financial and
operating results of New Flyer and New Flyer Industries Canada ULC
(“NFI ULC”) that involve risks and uncertainties. Although the
forward-looking statements contained in this press release are based
upon what management believes to be reasonable assumptions, investors
cannot be assured that actual results will be consistent with these
forward-looking statements, and the differences may be material. Actual
results may differ materially from management expectations as projected
in such forward-looking statements for a variety of reasons, including
market and general economic conditions and the other risks and
uncertainties discussed in the materials filed with the Canadian
securities regulatory authorities and available on SEDAR at
www.sedar.com. Due to the potential impact of these factors, New Flyer
and NFI ULC disclaim any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by applicable law.
For further information, please contact:
New Flyer Industries Inc.
Chief Financial Officer